Internet's biggest company has now set foot in the burgeoning market of payment wallets in India. Google launched its own mobile payments app called Tez. The app is powered by Unified Payments Interface (UPI) which directly links with your bank account. Therefore, unlike other wallets, users don't have to add money to Tez. The app has been tailored to suit the needs of users in India and is set to become a big player in the payments market.
At about 7MB, the app will occupy less space and function smoothly even in Tier 2 and Tier 3 cities with slower internet speeds. Tez doesn't just use UPI to make payments. Users can use QR Code, Audio QR Code, phone number and IFSC Code as well. The stand-alone feature of Tez is its Cash Mode. Here’s how Cash Mode works:
- Using this mode, the app will generate an ultrasonic Audio QR Code and scan Tez users in the user's immediate vicinity.
-The user can then select the payee and make payments.
- This mode will come in handy while doing the most basic of shopping at the grocer or the vegetable vendor. Cash Mode will make using Tez simple which in turn will lead to an increase in digital payments in India.
Tez can be used to make bank-to-bank payments as well. Such transactions will be protected by Tez Shield which will ensure the protection of the users' identity and prevent fraudulent transactions. Google has taken all steps necessary to make Tez easy to use yet secure. To use Tez user simply has to link his Google Account and bank account on the app. The app will use a Google PIN and UPI every time to make a transaction. It will even scan your contacts to let you know who in your address book has Tez on their phones.
Tez has been customised in regional languages to make it more accessible across the country. The seamless and friendly user interface makes it convenient, reliable and navigable. With the payment wallet industry expected to grow into a $220 million by 2020 in India, Google's Tez is sure to be Tez in sweeping the floor with its delightful UX and become one of the biggest mobile wallets.